MIRA INFORM REPORT

Report No. :	506081
Report Date :	02.05.2018

IDENTIFICATION DETAILS

Name :	GRUPPO IMPORTATORI TESSILI S.P.A.
Registered Office :	Piazza Giacomo Matteotti, 20, 24122- Bergamo(BG)-IT
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	18.04.1996
Legal Form :	Joint stock company
Line of Business :	· Manufacture of other technical and industrial textiles · Intermediaries involved in the sale of textiles, clothing, fur, footwear and leather goods · Wholesale of textile products
No. of Employees :	From 11 to 15

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Italy	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

ITALY - ECONOMIC OVERVIEW

Italy’s economy compromises a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, with a legacy of unemployment and underdevelopment. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors.

Italy is the third-largest economy in the euro zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, reaching 131% of GDP in 2017. Investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's longstanding structural economic problems, including labor market inefficiencies, a sluggish judicial system, and a weak banking sector. Italy’s economy returned to modest growth in late 2014 for the first time since 2011. In 2015-16, Italy’s economy grew at about 1% each year, and in 2017 growth accelerated to 1.5% of GDP. In 2017, overall unemployment was 11.4%, but youth unemployment remained high at 37.1%.

Source : CIA

Company name and address

Gruppo Importatori Tessili S.p.a. O Piu' Brevemente Anche G.i.t. S.p.a.

Piazza

Giacomo Matteotti,

20

24122

- Bergamo

(BG)

-IT-

Summary

Fiscal Code	:	11820430152
Legal Form	:	Joint stock company
start of Activities	:	18/04/1996
Equity	:	Over 2.582.254
Turnover Range	:	15.500.000/18.000.000
Number of Employees	:	from 11 to 15

Activity

Manufacture of other technical and industrial textiles

Intermediaries involved in the sale of textiles, clothing, fur, footwear and leather goods

Wholesale of textile products

Legal Data

Legal Form : Joint stock company

Fiscal Code : 11820430152

Foreign Trade Reg. no. : MI267381 since 30/06/1997

Chamber of Commerce no. : 416746 of Bergamo since 05/03/2013

Chamber of Commerce no. : 1502141 of Milano since 27/06/1996

Firms' Register : MI-1996-744924 of Milano since 28/06/1996

V.A.T. Code : 11820430152

Establishment date	: 18/04/1996
Start of Activities	: 18/04/1996
Legal duration	: 31/12/2050
Nominal Capital	: 410.000
Subscribed Capital	: 410.000
Paid up Capital	: 410.000

Legal mail :

G.I.T@PEC.IT

Members

Zambaiti Distribuzione Tessile S.p.a.

Residence:

Giacomo Matteotti

, 20

- 24122

Bergamo

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	19/05/2014

No Prejudicial events are reported

No Protests registered

Zambaiti

Martino

Born in Leffe

(BG)

on 20/07/1943

- Fiscal Code : ZMBMTN43L20E509B

Residence:

Della Repubblica

, 12

- 20100

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2017
Board Chairman	29/06/2017

No Prejudicial events are reported

No Protests registered

Davanzo

Luciano

Born in Wald Cantone

( )

on 26/03/1964

- Fiscal Code : DVNLCN64C26Z133X

Residence:

Donizetti

, 8

- 24060

Vigano San Martino

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	14/03/2006
Director	29/06/2017

No Prejudicial events are reported

No Protests registered

Zambaiti

Francesca

Born in Bergamo

(BG)

on 17/04/1976

- Fiscal Code : ZMBFNC76D57A794T

Residence:

Premuda

, 40

- 20129

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2017

Tucci

Maurizio

Born in Milano

(MI)

on 07/06/1971

- Fiscal Code : TCCMRZ71H07F205L

Residence:

Premuda

, 40

- 20129

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2017
Attorney with special power	16/11/2010

No Prejudicial events are reported

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

In this module are listed the companies in which members hold or have holded positions.

Zambaiti Distribuzione Tessile S.p.a.

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Frabo S.r.l.	Carmignano di Brenta (PD) - IT -	00202410288	Partner	Active	Registered

Zambaiti

Martino

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
MAGAZZINI ZAMBAITI - S.P.A.	MIlano (MI) - IT -	00739980159	Liquidator	Withdrawn	Registered
CENTROTEX MACERATA S.R.L.	Milano (MI) - IT -	07035940159	Sole Director	Withdrawn	Registered
Frabo S.r.l.	Carmignano di Brenta (PD) - IT -	00202410288	Director	Active	Registered
Zambaiti Distribuzione Tessile S.p.a.	Bergamo (BG) - IT -	06611750156	Director	Active	Registered
Zambaiti Distribuzione Tessile S.p.a.	Bergamo (BG) - IT -	06611750156	Sole Director	Withdrawn	Registered
Zambaiti Distribuzione Tessile S.p.a.	Bergamo (BG) - IT -	06611750156	Board Chairman	Active	Registered
S.A.FIL. - S.R.L. - IN LIQUIDAZIONE	Bergamo (BG) - IT -	00868000167	Liquidator	Withdrawn	Registered
Immobiliare Lacchiarella S.p.a.	Lacchiarella (MI) - IT -	09714820157	Sole Director	Withdrawn	Ceased
Immobiliare Lacchiarella S.p.a.	Lacchiarella (MI) - IT -	09714820157	Liquidator	Withdrawn	Ceased
Societa' Elettrica Radici S.p.a.	Bergamo (BG) - IT -	01554580165	Director	Withdrawn	Registered
Hotel Excelsior San Marco Esercizi Grandi Alberghi S.p.a.	Bergamo (BG) - IT -	01954370167	Director	Withdrawn	Ceased
Centrotex Genova S.r.l. In Liquidazione	Bergamo (BG) - IT -	07035990154	Sole Director	Withdrawn	Registered
Geoenergie S.p.a.	Bergamo (BG) - IT -	00998130165	Director	Active	Registered
COOPERATIVA CENTRO CERNUSCO A R.L.	- -	08473740150	Liquidator	Withdrawn	Registered
Centro Ingrosso Milano S.p.a. Denominazione Abbreviata Cim S.p.a.	Lacchiarella (MI) - IT -	09306880155	Liquidator	Withdrawn	Ceased
Centro Ingrosso Milano S.p.a. Denominazione Abbreviata Cim S.p.a.	Lacchiarella (MI) - IT -	09306880155	Board Chairman	Withdrawn	Ceased
Arnofin Srl	Milano (MI) - IT -	09605880153	Director	Withdrawn	Registered
Banca Di Bergamo S.p.a.	Bergamo (BG) - IT -	02348370160	Director	Withdrawn	Ceased
Banca Di Bergamo S.p.a.	Bergamo (BG) - IT -	02348370160	Board Chairman	Withdrawn	Ceased
Banca Italo-romena - Societa' Per Azioni	Volpago del Montello (TV) - IT -	97002540587	Director	Withdrawn	Registered
Zarafin S.r.l.	Bergamo (BG) - IT -	01416720165	Director	Active	Registered
PADANA SRL	Cernusco sul Naviglio (MI) - IT -	06439950152	Sole Director	Withdrawn	Registered
Iniziativa Distribuzione Tessile S.r.l.	Bergamo (BG) - IT -	11820420153	Director	Active	Registered
Iniziativa Distribuzione Tessile S.r.l.	Bergamo (BG) - IT -	11820420153	Sole Director	Withdrawn	Registered
Iniziativa Distribuzione Tessile S.r.l.	Bergamo (BG) - IT -	11820420153	Board Chairman	Active	Registered
Finser - Immobiliare Seriana S.r.l.	Bergamo (BG) - IT -	01207750165	Director	Withdrawn	Registered
Finser - Immobiliare Seriana S.r.l.	Bergamo (BG) - IT -	01207750165	Sole Director	Withdrawn	Registered
Nuova Seriana Srl	Bergamo (BG) - IT -	01850000165	Procurator	Withdrawn	Ceased
Az Moda S.p.a.	Bergamo (BG) - IT -	02574360166	Director	Active	Registered
Geogreen S.p.a.	Bergamo (BG) - IT -	01833520164	Director	Active	Registered
Excelsior S. Marco Esercizi Grandi Alberghi S.p.a.	Bergamo (BG) - IT -	00223780164	Director	Withdrawn	Ceased
Hotel Excelsior San Marco S.r.l.	Bergamo (BG) - IT -	02730180169	Director	Active	Registered
Ganimede S.r.l.	Bergamo (BG) - IT -	13320020152	Director	Active	Registered
Ganimede S.r.l.	Bergamo (BG) - IT -	13320020152	Sole Director	Withdrawn	Registered
Ganimede S.r.l.	Bergamo (BG) - IT -	13320020152	Board Chairman	Active	Registered
SPAZIO MODA SOCIETA' CONSORTILE A R.L.	- -	03223080965	Liquidator	Withdrawn	Registered
SPAZIO MODA SOCIETA' CONSORTILE A R.L.	- -	03223080965	Board Chairman	Withdrawn	Registered
Itema S.p.a.	Colzate (BG) - IT -	02915320168	Director	Withdrawn	Registered
Selling S.r.l.	Bergamo (BG) - IT -	03336020163	Sole Director	Withdrawn	Registered
JEANS IDEA DI MARTINO E LEDA ZAMBAITI S.N.C.	Bergamo (BG) - IT -	01022180168	Partner	Withdrawn	Registered
ZAMAL S.R.L.	Bergamo (BG) - IT -	01645690163	Sole Director	Withdrawn	Registered
ZA-FRA S.R.L.	- -	09754780154	Sole Director	Withdrawn	Registered
ISABEL SRL	MIlano (MI) - IT -	06487920156	Sole Director	Withdrawn	Registered
XANADU SRL	MIlano (MI) - IT -	06550300153	Sole Director	Withdrawn	Registered
GAMINERIE S.R.L.	MIlano (MI) - IT -	06550350158	Sole Director	Withdrawn	Registered
IS NEW S.R.L.	MIlano (MI) - IT -	06550470154	Sole Director	Withdrawn	Registered
ILLUSION SRL	MIlano (MI) - IT -	06550520156	Sole Director	Withdrawn	Registered
Consorzio Radici Idro Energia - In Liquidazione	Lallio (BG) - IT -	03040070165	Director	Withdrawn	Ceased
Immobiliare Fornaci S.r.l.	Bergamo (BG) - IT -	03266810161	Director	Active	Registered
Vico Olivetani Immobiliare S.r.l.	Milano (MI) - IT -	08714130963	Director	Active	Registered
Iniziativa Immobiliare Ciro Menotti S.r.l.	Bergamo (BG) - IT -	03995540162	Sole Director	Active	Registered

The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive, etc.

For more information, in this case, we advise to request further investigations.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Zambaiti Distribuzione Tessile S.p.a.	Bergamo - IT -	06611750156	410.000 .Eur	100,00

Direct Participations

The Company under review has no participations in other Companies.

Firm's location and structure

In order to carry out its activities the firm uses the following locations:

-	Legal and operative seat

Giacomo Matteotti

, 20

- 24100

- Bergamo

(BG)

- IT -

Legal mail

: G.I.T@PEC.IT

-

Legal and operative seat

until 12/01/2013

Il Girasole

, s.n.

- 20084

- Lacchiarella

(MI)

- IT -

-

Branch

(Sales office)

since 02/01/2013

S.s. 11 Padana Superiore

, 57/63

- 20063

- Cernusco sul Naviglio

(MI)

- IT -

Employees

: 11

Fittings and Equipment for a value of 2.000

Eur

Stocks for a value of 4.310.000

Eur

Trade organization: direct or by agents.

The company sells in Italy and abroad.

The company supplies wholesalers and retailers.

The firm operates abroad as importer..

Import comes generally from the following nations:

- Great Britain

Protests

Protests checking on the subject firm has given a negative result.

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

None reported, standing to the latest received edition of the Official Publications.

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
BANCA POPOLARE DI BERGAMO

National Real Estates Survey

The requested subject is not present c/o the CADASTRE OFFICES.

All responsibilities are declined regarding any possible omissions concerning the given results. Therefore, we advise to request for "Hypothecating Survey Inspection" c/o the locally competent RR.II. Immovables Registry, as this service doesn't fully guarantees the actual title of the Real Estates of the requested Subject.

Financial and Economical Analysis

Subject is active since 1996

An eco-fin analysis has been made on the base od the b/s fo the years 2014, 2015 and 2016.

During the last years, it achieved profits (r.o.e. 6,7% on 2016) keeping the turnover steady during the last two years.

The operating result in 2016 was positive (4,64%) and in line with the sector's average.

An operating result of Eur. 680.536 has been registered. rising (+more then 100%) in relation to the previous year.

The gross operating margin of the latest financial year is of Eur. 915.841 showing a 43,03% growth.

The company has an excellent net worth if compared to its debts, with a low indebtedness (0,52) and with an upward trend compared to the previous year.

With regard to equity capital, an amount of Eur. 7.285.340 is registered. , unchanged as opposed to the preceding year.

Total debts recorded amounted to Eur. 6.752.016 (Eur. 2.000.000 of which were m/l term debts) with no important change.

Bank exsposure is limited and the suppliers' credit is modest too, 57,63 gg. is the payment average period which is also lower than the sector average.

Payments are supported by good current assets.

Due from customers average term is high and equal to 191,13 days. even if compared to the average of the sector.

The financial management generated a cash flow of Eur. 683.068.

During 2016 financial year labour costs amounted to Eur. 854.335, with a 5,63% incidence on production costs. , whereas the incidence of such costs on sales revenues is equal to 5,5%.

Financial incomes cover financial charges.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	15.539.612
Profit (Loss) for the period	487.763

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	15.635.172
Profit (Loss) for the period	547.988

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	17.121.184
Profit (Loss) for the period	430.038

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	17.378.026
Profit (Loss) for the period	-862.683

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	17.244.070
Profit (Loss) for the period	-1.011.252

Balance Sheets

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

- Balance Sheet as at 31/12/2016 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2015 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2014 - 12 Mesi - Currency: - Amounts x 1

Years

2016

2015

2014

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. and advert.expens.
. . Industrial patent rights	4.744	3.170	7.097
. . Concessions,licenses,trademarks,etc.	9.444
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	22.857	28.571	13.286
. Total Intangible Fixed Assets	37.045	31.741	20.383
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery			80
. . Industrial and commercial equipment
. . Other assets	152.423	97.259	51.072
. . Assets under construction and advances		3.000
. Total Tangible fixed assets	152.423	100.259	51.152
. FINANCIAL FIXED ASSETS
. . Equity investments	12	12	12
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	12	12	12
. . Financial receivables	103	103	620
. . . . Within 12 months	103	103
. . . . Beyond 12 months			620
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties	103	103	620
. . . . Within 12 months	103	103
. . . . Beyond 12 months			620
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	115	115	632
Total fixed assets	189.583	132.115	72.167
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	2.363		1.331
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	4.304.775	4.197.703	4.847.209
. . Advance payments
. Total Inventories	4.307.138	4.197.703	4.848.540
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	8.975.898	9.269.338	9.968.127
. . Beyond 12 months
. . Trade receivables	8.250.382	8.549.541	8.918.080
. . . . Within 12 months	8.250.382	8.549.541	8.918.080
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	168.702
. . . . Within 12 months	168.702
. . . . Beyond 12 months
. . Receivables due from holding comp.	238.657	282.839	362.768
. . . . Within 12 months	238.657	282.839	362.768
. . . . Beyond 12 months
. . Fiscal Receivables	21.317	60.723	73.703
. . . . Within 12 months	21.317	60.723	73.703
. . . . Beyond 12 months
. . Receivables for anticipated taxes	224.347	260.950	386.686
. . . . Within 12 months	224.347	260.950	386.686
. . . . Beyond 12 months
. . Receivables due from third parties	72.493	115.285	226.890
. . . . Within 12 months	72.493	115.285	226.890
. . . . Beyond 12 months
. Total Credits not held as fixed assets	8.975.898	9.269.338	9.968.127
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets	171.088
. LIQUID FUNDS
. . Bank and post office deposits	992.683	1.110.148	891.293
. . Checks			72.872
. . Banknotes and coins	1.703	1.561	4.567
. Total Liquid funds	994.386	1.111.709	968.732
Total current assets	14.448.510	14.578.750	15.785.399
ADJUSTMENT ACCOUNTS
. Discount on loans		21.493	21.183
. Other adjustment accounts	19.964
Total adjustments accounts	19.964	21.493	21.183
TOTAL ASSETS	14.658.057	14.732.358	15.878.749
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	410.000	410.000	410.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	82.000	82.000	82.000
. Reserve for Own shares
. Statute reserves
. Other reserves	6.305.577	5.627.564	5.197.525
. Accumulated Profits (Losses)
. Profit( loss) of the year	487.763	547.988	430.038
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	7.285.340	6.667.552	6.119.563
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	166.577	159.571	177.429
. . Taxation fund, also differed	41.643	138	598
. . Other funds	40.000	95.000
Total Reserves for Risks and Charges	248.220	254.709	178.027
Employee termination indemnities	340.685	311.661	289.201
ACCOUNTS PAYABLE
. . . . Within 12 months	4.752.016	7.469.799	9.259.801
. . . . Beyond 12 months	2.000.000
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing			200.000
. . . . Within 12 months			200.000
. . . . Beyond 12 months
. . Due to banks	3.496.139	4.293.567	5.854.839
. . . . Within 12 months	1.496.139	4.293.567	5.854.839
. . . . Beyond 12 months	2.000.000
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	1.958.251	1.967.699	2.421.443
. . . . Within 12 months	1.958.251	1.967.699	2.421.443
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies	23.043
. . . . Within 12 months	23.043
. . . . Beyond 12 months
. . Due to holding companies	272.543	176.319	156.958
. . . . Within 12 months	272.543	176.319	156.958
. . . . Beyond 12 months
. . Due to the tax authorities	36.701	152.402	138.298
. . . . Within 12 months	36.701	152.402	138.298
. . . . Beyond 12 months
. . Due to social security and welfare inst.	53.490	53.445	53.076
. . . . Within 12 months	53.490	53.445	53.076
. . . . Beyond 12 months
. . Other payables	911.849	826.367	435.187
. . . . Within 12 months	911.849	826.367	435.187
. . . . Beyond 12 months
Total accounts payable	6.752.016	7.469.799	9.259.801
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	31.796	28.637	32.157
Total adjustment accounts	31.796	28.637	32.157
TOTAL LIABILITIES	14.658.057	14.732.358	15.878.749

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	14.090	21.991
Risk accounts
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	15.539.612	15.635.172	17.121.184
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	317.667	140.891	141.178
. . Contributions for operating expenses
. . Different income and revenues	317.667	140.891	141.178
Total value of production	15.857.279	15.776.063	17.262.362
PRODUCTION COSTS
. Raw material,other materials and consum.	11.244.591	10.848.460	12.671.013
. Services received	2.269.971	2.235.653	2.619.439
. Leases and rentals	564.149	527.312	562.569
. Payroll and related costs	854.335	814.122	860.828
. . Wages and salaries	628.096	591.017	623.611
. . Social security contributions	175.850	173.660	185.994
. . Employee termination indemnities	50.389	49.445	51.223
. . Pension and similar
. . Other costs
. Amortization and depreciation	195.305	422.294	707.624
. . Amortization of intangible fixed assets	9.529	11.103	9.137
. . Amortization of tangible fixed assets	37.501	28.812	27.595
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	148.275	382.379	670.892
. Changes in raw materials	-109.435	650.837	-1.113.902
. Provisions to risk reserves	40.000	95.000
. Other provisions
. Other operating costs	117.827	59.383	124.094
Total production costs	15.176.743	15.653.061	16.431.665
Diff. between value and cost of product.	680.536	123.002	830.697
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	1.890	1.365	1.001
. . Financ.income from receivables
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	1.890	1.365	1.001
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	1.890	1.365	1.001
. Interest and other financial expense	92.993	775.760	-71.337
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	94.883	777.125	-70.336
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income		473	9.968
. . Gains on disposals
. . Other extraordinary income		473	9.968
. Extraordinary expense		-78.455	-99.158
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense		-78.455	-99.158
Total extraordinary income and expense		-77.982	-89.190
Results before income taxes	775.419	822.145	671.171
. Taxes on current income	287.656	274.157	241.133
. . current taxes	49.135	31.282	134.547
. . differed taxes(anticip.)		125.276	106.586
. Net income for the period	487.763	547.988	430.038
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	487.763	547.988	430.038

RATIOS	Value Type	as at 31/12/2016	as at 31/12/2015	as at 31/12/2014	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,01	0,01	0,00	0,24
Elasticity Ratio	Units	0,99	0,99	0,99	0,72
Availability of stock	Units	0,29	0,28	0,31	0,19
Total Liquidity Ratio	Units	0,69	0,70	0,69	0,45
Quick Ratio	Units	0,08	0,08	0,06	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,52	0,95	1,35	1,93
Self Financing Ratio	Units	0,50	0,45	0,39	0,25
Capital protection Ratio	Units	0,88	0,86	0,86	0,71
Liabilities consolidation quotient	Units	0,49	0,04	0,03	0,23
Financing	Units	0,93	1,12	1,51	2,69
Permanent Indebtedness Ratio	Units	0,66	0,47	0,40	0,42
M/L term Debts Ratio	Units	0,16	0,02	0,02	0,10
Net Financial Indebtedness Ratio	Units	0,34	0,48	0,83	1,12
CORRELATION
Fixed assets ratio	Units	50,77	52,83	88,80	1,56
Current ratio	Units	3,04	1,95	1,70	1,24
Acid Test Ratio-Liquidity Ratio	Units	2,13	1,39	1,18	0,87
Structure's primary quotient	Units	38,43	50,47	84,80	1,01
Treasury's primary quotient	Units	0,25	0,15	0,10	0,04
Rate of indebtedness ( Leverage )	%	201,20	220,96	259,48	407,34
Current Capital ( net )	Value	9.696.494	7.108.951	6.525.598	387.489
RETURN
Return on Sales	%	4,40	6,21	6,64	2,88
Return on Equity - Net- ( R.O.E. )	%	6,70	8,22	7,03	2,51
Return on Equity - Gross - ( R.O.E. )	%	10,64	12,33	10,97	9,26
Return on Investment ( R.O.I. )	%	4,64	0,83	5,23	3,77
Return/ Sales	%	4,38	0,79	4,85	3,77
Extra Management revenues/charges incid.	%	71,67	445,51	51,77	21,16
Cash Flow	Value	683.068	970.282	1.137.662	79.355
Operating Profit	Value	680.536	123.002	830.697	112.730
Gross Operating Margin	Value	915.841	640.296	1.538.321	210.674
MANAGEMENT
Credits to clients average term	Days	191,13	196,85	187,52	117,72
Debts to suppliers average term	Days	57,63	56,71	58,55	111,36
Average stock waiting period	Days	99,78	96,65	101,95	76,26
Rate of capital employed return ( Turnover )	Units	1,06	1,06	1,08	1,01
Rate of stock return	Units	3,61	3,72	3,53	4,65
Labour cost incidence	%	5,50	5,21	5,03	14,67
Net financial revenues/ charges incidence	%	0,61	4,97	-0,41	-1,77
Labour cost on purchasing expenses	%	5,63	5,20	5,24	14,77
Short-term financing charges	%	n.c.	n.c.	0,77	3,20
Capital on hand	%	94,33	94,23	92,74	98,20
Sales pro employee	Value	597.677	625.406	658.507	213.243
Labour cost pro employee	Value	32.859	32.564	33.108	32.119

Remarks

1) Protests checking (relative to the last five years) performed by crossing and matching the members names and the Firm's Style with the reported addresses, is supplied by the Informatic Registry managed by the Italian Chamber of Commerce. If the fiscal code is not indicated, the eventual homonymous cases are submitted to expert staff evaluation in order to limit wrong matching risks.

2) The Legal Data, supplied and retrived from the Firm's Registry of the Italian Chamber of Commerce, are in line with the last registered modifications.

3) Risk evaluation and Credit Opinion have been performed on the base of the actual data at the moment of their availability.

Market / Territory Data

Population living in the province	:	1.022.428
Population living in the region	:	9.393.092
Number of families in the region	:	3.858.736

Monthly family expences average in the region (in Eur..) :

- per food products	:	460
- per non food products	:	2.090
- per energy consume	:	114

Sector Data

The values are calculated on a base of 1.146 significant companies.

The companies cash their credits on an average of 118 dd.

The average duration of suppliers debts is about 111 dd.

The sector's profitability is on an average of 2,88%.

The labour cost affects the turnover in the measure of 14,67%.

Goods are held in stock in a range of 76 dd.

The difference between the sales volume and the resources used to realize it is about 1,01.

The employees costs represent the 14,77% of the production costs.

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered lowly risky.

In the region 50.886 protested subjects are found; in the province they count to 4.150.

The insolvency index for the region is 0,55, , while for the province it is 0,41.

Total Bankrupt companies in the province : 4.376.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74
Euro	1	INR 80.13

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.